中文摘要：

采用三元交互分析框架分析经理人所处的企业控制监督环境、内部管理环境和财务资源环境对经理管理防御的影响，运用差异分析法将企业环境量化来研究在企业三大环境下经理管理防御对企业负债融资的影响，并利用结构方程模型进行实证检验。研究结果表明，企业三大环境对经理管理防御有负相关关系，经理管理防御对企业负债融资有负相关关系，并分析出一条影响企业负债融资的路径，即企业环境对企业融资行为是通过经理人管理防御产生间接影响。

英文摘要：

On the basis of the theoretical research of Managers＇ Managerial Entrenchment, u sing Tripartite Reciprocal Determinism analysis framework, and integrating the control and supervision environment of enterprise, internal management environment, financing environment into man- agers＇ Managerial Entrenchment, this paper uses difference analysis method to study the influence of managers＇ Managerial Entrenchment on corporate debt financing in the three environments of corporate. And Structural Equation Model is used to test the influence path. The result shows that the three environments of the corporate has a negative impact on the managers＇ Managerial Entrenchment; managers＇ Managerial Entrenchment has a negative impact on debt financing. And corporate environment has indirect effect on the corporate finance behavior through managers＇ Managerial Entrenchment.